i have studied last 8 oil shocks and in every one of them gold sold of first with higher six months after the shock. 6 of them were supply shock, 1973 oil embargo etc and 2 of them demand shock 2008 and covid. in the supply shock gold recovery is highest and it goes to 150 percent. the reason of this is very simple. oil is denominated in dollars. when the oil goes high the oil buyer central banks need to raise usd. so they have to liquidate hard assets that is gold and treasuries. and hence you can see simultaneous effect. gold down, treasuries yield go up and dollar strengthen initially (this is not safe heaven trade). gold is the only asset which recovers. the bigger issue is if this goes for couple of weeks more the mechanical selling of treasuries by dollar needing invester will drive treasury yield to 5% and that will drive QQQ 20% lower